Long Term Rentals in Maine

[Kendal Lamb]

My husband and I are looking into investing in long term rentals in Maine. I was wondering if anyone on here invests in Maine and could provide us some information on average rental rates, vacancy, and loans. Looking forward to connecting.

[Mike Berube]

I'm currently under contract on an old Multi-Family in Central Maine. Here's the Data I have about my specific property: 1st floor is a 1 Bed (could be two) 1 Bath House, currently renting for $800/month. Second floor is a 2 Bed apartment (renting $700). Third floor is a studio type apartment (renting for $500). Landlord is paying for heat, water/sewer, and garbage. My PITI is going to be about $520 (25% down). So rent totals $2k currently, after calculating all the expenses I can anticipate and using the bigger pockets calculator, I estimate cash flow to be around $400 - $500 per month. This is a property in the Waterville area, not sure how different it would be for Presque Isle.